Farthing is a director and vice president of Garp, Inc., whose common stock is listed on the New York Stock Exchange. Farthing engaged in the following transactions in the same calendar year:
on January 2, Farthing sold five hundred shares at $30 per share;
on January 15, she purchased three hundred shares at $30 per share;
on February 1, she purchased two hundred shares at $45 per share;
on March 1, she purchased three hundred shares at $60 per share;
on March 15, she sold two hundred shares at $55 per share;
and on April 1, she sold one hundred shares at $40 per share.
Howell brings suit on behalf of Garp, alleging that Farthing has violated the Securities Act of 1934. Farthing defends on the ground that she lost money on the transactions in question. Is Farthing liable? If so, under which provisions and for what amount of money?